Question

When Sales = Rs.3,60,000, Purchase = Rs.3,20,000, Opening Stock = Rs.68,000 and rate of the Gross Profit is 20% on cost, the Closing Stock would be​

Answer 1

Answer:

Correct option is

A

Rs. 20,000

Closing Stock = Opening stock+Purchase+Gross profit -sales

= 20000+240000+60000* - 300000

= 20000

Calculation of Gross Profit = 300000 * 20/100

= 60000

Explanation:

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Answer 2

Answer:

The Closing Stock would be Rs. 88,000

Explanation:

• Sales = Rs.3,60,000
• Purchase = Rs.3,20,000
• Opening Stock = Rs.68,000
• Rate of the Gross Profit is 20% on Cost
• The Closing Stock = ???

Solution :

Net Sales = Cost Of Goods Sold + Gross Profit

Let,

Cost Of Goods Sold = x

$\longrightarrow$ Net Sales = x + 20% of x

$\longrightarrow$ 3,60,000 = x + 20x/100

$\longrightarrow$ 3,60,000 = x + 0.2x

$\longrightarrow$ 3,60,000 = 1.2x

$\longrightarrow$ x = 3,60,000 / 1.2

$\longrightarrow$ x = 3,00,000

Cost Of Goods Sold = Rs. 3,00,000

Cost Of Goods Sold = Opening Stock + Purchases - Closing Stock

$\longrightarrow$ 3,00,000 = 68,000 + 3,20,000 - Closing Stock

$\longrightarrow$ 3,00,000 = 3,88,000 - Closing Stock

$\longrightarrow$ Closing Stock = 3,88,000 - 3,00,000

$\longrightarrow$ Closing Stock = 88,000

Therefore, the Closing Stock would be Rs. 88,000.